Analysts Set Consolidated Edison, Inc. (ED) PT at $77.55

Consolidated Edison, Inc. (NYSE:ED) has been assigned a consensus recommendation of “Hold” from the fourteen ratings firms that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $77.55.

Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Tuesday, January 8th. Credit Suisse Group set a $80.00 price objective on shares of Consolidated Edison and gave the company a “sell” rating in a research report on Monday, April 22nd. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Mizuho started coverage on shares of Consolidated Edison in a research report on Monday, March 11th. They set a “neutral” rating and a $85.00 price objective on the stock. Finally, Morgan Stanley boosted their price objective on shares of Consolidated Edison from $78.00 to $81.00 and gave the company an “underweight” rating in a research report on Tuesday, February 12th.

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Shares of NYSE ED opened at $85.21 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.54 and a debt-to-equity ratio of 1.01. Consolidated Edison has a 52 week low of $71.12 and a 52 week high of $86.50. The firm has a market capitalization of $27.94 billion, a P/E ratio of 19.72, a PEG ratio of 9.88 and a beta of 0.13.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.35 by $0.04. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same period in the previous year, the firm earned $1.38 earnings per share. On average, analysts anticipate that Consolidated Edison will post 4.35 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 68.52%.

A number of institutional investors have recently modified their holdings of the business. Millennium Management LLC boosted its holdings in shares of Consolidated Edison by 2,195.8% during the 4th quarter. Millennium Management LLC now owns 1,142,312 shares of the utilities provider’s stock valued at $87,341,000 after buying an additional 1,092,555 shares in the last quarter. Raymond James & Associates boosted its holdings in shares of Consolidated Edison by 4.2% during the 4th quarter. Raymond James & Associates now owns 165,079 shares of the utilities provider’s stock valued at $12,622,000 after buying an additional 6,653 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in Consolidated Edison by 18.2% in the 4th quarter. Public Employees Retirement System of Ohio now owns 150,692 shares of the utilities provider’s stock worth $11,522,000 after purchasing an additional 23,201 shares in the last quarter. Arvest Bank Trust Division bought a new position in Consolidated Edison in the 1st quarter worth about $209,000. Finally, Vanguard Group Inc boosted its stake in Consolidated Edison by 1.5% in the 3rd quarter. Vanguard Group Inc now owns 23,911,264 shares of the utilities provider’s stock worth $1,821,799,000 after purchasing an additional 356,339 shares in the last quarter. 59.57% of the stock is currently owned by institutional investors and hedge funds.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.